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Updated June 2020

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Production: Alberta averaged 492.3 thousand cubic metres per day (103 m3/d) or 3098 thousand barrels per day (103 bbl/d) of raw bitumen production in 2019. Marketable bitumen accounted for about 85 per cent of Alberta's total oil production. In situ production slightly decreased to 245.8 103 m3/d (1546.8 103 bbl/d), while mined production rose to 246.5 103 m3/d (1551.2 103 bbl/d). Depending on which oil price forecast is used, raw production is forecast to increase to between 634.4 103 m3/d (3992.2 103 bbl/d) and 636.9 103 m3/d (4007.9 103 bbl/d) by 2029. Upgraded production is forecast to rise from 177.1 103 m3/d (1114.5 103 bbl/d) in 2019 to 204.7 103 m3/d (1288.2 103 bbl/d) in 2029.

Number of wells: The number of producing wells decreased alongside production in 2019. The number of producing wells decreased 6 per cent to 11 847, with fewer primary and cyclic steam stimulation (CSS) wells. Decreased activity in the Peace River and Athabasca areas outweighed increased production from the Cold Lake region.

Demand: Alberta demand for total oil (upgraded and nonupgraded bitumen plus crude oil and pentanes plus) was 86.7 103 m3/d (545.6 103 bbl/d) in 2019. Marketable bitumen accounted for 78.5 per cent of total Alberta demand at 68.1 103 m3/d (428.5 103 bbl/d). The remaining marketable bitumen was removed from the province. Without new refineries or significant expansions, Alberta demand is expected to remain relatively unchanged with consistent refinery throughputs and removals projected to increase throughout the forecast period.